Wednesday, October 04, 2006

NEW YORK - Wall Street barreled higher Wednesday, propelling the Dow Jones industrials to their second straight record high close as investors shrugged off lackluster economic news and grew more optimistic that the Federal Reserve will lower interest rates as the economy cools.

The Dow, the stock market's best known indicator, soared 123.19, a gain of 1.05 percent, to 11,850.53, according to preliminary calculations. It was only Tuesday that the 30 blue chip stocks finally reached a new closing high for the first time in nearly seven years.

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That and plummeting oil prices. This reminds me of how my textbooks nostalgically described the Clinton years.